First complex energy efficiency project eligible for CREATE MORE incentives registered with BoI – BusinessWorld Online
THE Board of Investments (BoI) has approved the registration of Philippine DCS Development Corp.’s (PDDC) complex energy efficiency (EE) project worth P400 million.
The approval marks the first complex EE project to receive fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
According to the BoI, complex EE projects “involve retrofitting or upgrading of a system or a combination of systems such as cogeneration systems, district cooling systems, and pumping systems, among others.”
The project, which will soon operate in Alabang, Muntinlupa, is projected to save 36% of energy compared to previous consumption levels.
This amounts to approximately 168 gigawatt hours, equivalent to about 118,040 metric tons of carbon dioxide emissions saved.
“These considerable reductions highlight the project’s role in advancing energy efficiency and supporting a low-carbon economy in the country,” the BoI said.
PDDC is a third-party project developer, “undertaking energy efficiency projects on behalf of client companies, providing the technical expertise and investment capital necessary to deliver long-term operational savings and emissions reductions.”
It is a joint venture between conglomerate Filinvest and French energy company Engie.
Following the approval, the BoI said it will continue to encourage enterprises to pursue energy efficiency initiatives.
“Such projects not only reduce energy costs and environmental impacts but also strengthen the competitiveness and sustainability of Philippine industries,” the BoI said. — Justine Irish D. Tabile